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- (NYSE: NDP) Tortoise Energy Independence Fund, Inc.
- (NYSE: TPZ) Tortoise Power & Energy Infrastructure Fund, Inc.
- (NYSE: TEAF) Ecofin Sustainable and Social Impact Term Fund
OVERLAND PARK, Kan. - April 05, 2007 - Tortoise Energy Capital Corp. (NYSE: TYY) today announced that it has completed an offering of Series II Money Market Cumulative Preferred Shares (MMP Shares) raising a total of $40 million, before fees and expenses of the transaction. The MMP Shares are rated "Aa2"and "AA" by Moody's Investor Services, Inc. and Fitch Ratings, respectively.
Lehman Brothers Inc. acted as the lead underwriter. A.G. Edwards & Sons, Inc., Merrill Lynch, Pierce, Fenner & Smith, Incorporated, Oppenheimer & Co. Inc., Stifel, Nicolaus & Company, Incorporated and Wachovia Capital Markets, LLC also participated as underwriters for the offering. MMP Shares may only be bought or sold through an auction or in a secondary market maintained by certain broker-dealers. There is no assurance that such a market will be maintained.
Tortoise Energy Capital intends to use the net proceeds of this offering to retire a portion of its short-term debt under the company's unsecured credit facility.
About Tortoise Energy Capital Corp.
Tortoise Energy Capital Corp. provides financing for master limited partnerships (MLPs) in the energy infrastructure sector, primarily crude oil and refined petroleum products and natural gas and natural gas liquids pipelines. Tortoise Energy Capital seeks to provide its stockholders a high level of total return with an emphasis on current dividends.
About Tortoise Capital Advisors, LLC
Tortoise Capital Advisors, LLC, the adviser to Tortoise Energy Capital Corp., is a pioneer in the capital markets for master limited partnership (MLP) investment companies and a leader in closed-end funds and separately managed accounts focused on MLPs in the energy infrastructure sector. As of Feb. 28, 2007, the adviser had approximately $2.5 billion of energy infrastructure investment assets under management.
Safe Harbor Statement
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of the securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction. Investors should consider the investment objective, risks, charges and expenses of the fund carefully before investing. For this and other important information, investors should refer to the prospectus supplement and prospectus, and read them carefully before investing.
Contact information: Tortoise Capital Advisors, LLC Pam Kearney, Investor Relations, (866) 362-9331, email@example.com